AFRICAN DAWN ANNUAL REPORT 2018 34 Directors’ Report continued 8. Borrowing limitations In terms of the Memorandum of Incorporation of the Company, the directors may exercise all the powers of the company to borrow money, as they consider appropriate. 9. Special resolutions The special resolutions set out below were passed at a General Meeting and the Annual General Meeting (“AGM”) held on 18 October 2017. • Non-executive directors’ fees • General authority to acquire own shares • Loans or other financial assistance to inter-related companies within the Group • Financial assistance for the subscription and/or purchase of shares in the Company or a related or inter-related Company 10. Discontinued operations As announced on SENS Afdawn has sold Knife Capital and Grindstone as well as the transfer of Greenoaks property in possession as part of the Candlestick Transaction. In order for shareholders to see the effect on the financial records and to comply with IFRS standards, all three have been treated as discontinued operations in the current and prior year. 11. Auditors We will recommend to the shareholders that Grant Thornton will continue in office as designated auditors of Afdawn in terms of the Companies Act of 2008. 12. Secretary The independent company secretary at the year-end is Statucor Proprietary Limited whose address is as follows: 2nd floor, Block D The Boulevard Office Park Searle Street Woodstock 7925 13. Dividends No dividends were declared or paid to shareholders’ during the period Rnil (2017: Rnil). 14. Shares Consolidations of Shares was approved by 98.72% of the shareholders at General Meeting on 18 October 2016. 15. Registered office The company’s registered office is: 2nd Floor Waterfront Terraces Tygervalley Waterfront 7530
AFRICAN DAWN 2018 Annual Report
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